King is a "one-hit wonder," its main brand is a "fad," and similar companies the size of King have ended up being worth no more than "fifty bucks and a pile of debt," according to the mag's business writer, James Surowiecki. King is the "Beanie Babies" of tech, Surowiecki says.

The I.P.O. is no surprise, given King's domination of the booming mobile-game business, but it's likely to end badly, because King is part of a venerable tradition: the one-hit wonder. Like Coleco, with Cabbage Patch Kids, or Ty, Inc., with Beanie Babies, King's business is dependent on its one star product; although the company has more than a hundred titles, almost eighty per cent of its revenue comes from Candy Crush.

... failure is an ever-present threat. The company Harmonix, which launched Guitar Hero and Rock Band, games that in their day were as huge as Candy Crush, ended up being sold, after a few years, for fifty bucks and a pile of debt.

... Zynga has never come close to the success it enjoyed with FarmVille. Angry Birds is still by far Rovio's most successful product. King has released a couple of successors to Candy Crush, but neither is a breakthrough.

... If King stayed private, it could milk its cash cow and build games without having to worry overmuch about hatching a new cultural juggernaut. We expect companies to constantly be in search of the next big thing. But, for one-hit wonders, the smartest strategy might be to just enjoy it while it lasts.